VA Tech Wabag shares gain 4% on winning Rs 5,200 million Namami Gange order

Shares of VA Tech Wabag was up 4% to Rs 518 per share on the BSE in early morning trade after the company said that it has won orders worth of Rs 5,200 million under Namami Gange scheme (National Mission for Clean Ganga – NMCG) and repeat order from oil & gas sector.
“The company, a leader in the Indian water treatment technology market, has bagged Rs 1,470 million orders from Bihar Urban Infrastructure Development Corp. Ltd., under the NMCG to design, build and operate a 60 MLD sewage treatment plant at Pahari, Patna. The project will be jointly financed by World Bank and NMCG,” VA Tech Wabag said in a press release.

The company also won a repeat order for Rs 830 million to design, build and operate a 124-MLD water treatment plant at Rajpur-Sonarpur in Kolkata from the Kolkata Metropolitan Development Authority.

The company secured an order worth Rs 2,900 million from HPCL — Mittal Energy Limited ('HMEL') towards design and build of Effluent Treatment Plant at Guru Gobindh Singh Refinery, Bathinda, Punjab, it added.

The stock had underperformed the market by falling 25% in past one year as compared to 14% surged in the S&P BSE Sensex till Wednesday.